20-270 20-270 . . . Executive Incentive Plan under which corporation can award restricted stock and units. Restricted stock consists of common stock of corporation which contains restrictions on transfer and forfeiture in event of termination of employment prior to expiration of time period specified in grant. units are equivalent of corporation's book value per share and are issued and credited on corporation's books to employees on condition that said units must be resold to corporation. Corporation must purchase units at end of 5 year incentive period or upon termination of employment (whichever comes first) for amount equivalent to book value at that time plus dividends declared during incentive period and less book value on date of grant
Ohio Executive Incentive Plan
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Multi-State
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US-CC-20-270
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Word;
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FAQ
Bonuses are not explicitly addressed in Ohio law. Generally, discretionary bonuses are not considered wages, while nondiscretionary bonuses paid under an agreement can be considered wages and protected under wage law. Employers should follow any written policy they have about paying bonuses as a best practice.
Longevity steps are payable on the first day of the pay period following completion of the required service based on the Anniversary Date unless the anniversary date is the first day of a pay period.
As per Ohio Rev. Code Ann. § 4113.15, when an employee is fired, the employer must give a final paycheck to him or her on the next regularly scheduled pay date, or within fifteen (15) days, whichever is earlier.
Longevity pay adjustments shall become effective at the beginning of the pay period within which the employee completes the necessary length of service, except that when an employee requests credit for prior service, the effective date of the prior service credit and of any longevity adjustment shall be the first day ...
First, an employer can only round, at the maximum, to the nearest quarter-hour. That limit is found in the Department of Labor regulations. That means that an employer who rounds down the nearest half-hour or hour from when you clocked in is in violation of the law.
Longevity pay is additional wages, salary, or another form of compensation given to an employee or worker based on the length of their service. Longevity pay is determined in contractual agreements reached between an employer and employee ing to the employee's level of seniority.
